Yes they did go down to $2.05, being just above the price of placement, being $2.00, for 40 million shares.
But there are the signs of a breakout as price went to $2.19 yesterday, finally breaking through upper trend line. Pattern formed over 38 days and this is roughly the time it should take to go back up to the $2.90 - $3.15 range.
A classic bottom triangle. This was picked up by FP Markets' "Recognia proprietary pattern recognition technolgy". What a mouthfull !
Needs to close today at or above $2.19 and hopefully take off in the next few days.
Today's trading shows a range of $2.10 to $2.21 with about 90% of trades at $2.20. The low of $2.10 is misleading, that was 1 trade for 7 shares!. Very small numbers at $2.16/2.17 (single digits most of them)so range is really $2.19 to $2.21.
I'm no tech analyst. Decision to buy based purely on report.
Go to fpmarkets.com.au and read "Daily Market Report".
MDL Price at posting:
$2.19 Sentiment: ST Buy Disclosure: Held
